The FTSE 100 finished above 7,000 for the first time since the middle of April as confidence mounted about a global economic recovery.
Oilers, miners and banks – the sectors most likely to benefit from an upturn – were on all the charge.
Metals provide a bellwether for global growth prospects and on the London Metal Exchange copper and nickel rose 2 per cent, while tin added 4 per cent as demand from the China and the US rose further.
Recovery hopes: Oilers, miners and banks were on all the charge as the FTSE 100 finished above 7,000 for the first time since the middle of April last year
FTSE resumes flight path as US-Europe travel hopes rise citywire.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from citywire.co.uk Daily Mail and Mail on Sunday newspapers.
But in the annual report, chairman Susan Searle, who faced calls to resign in 2019 amid criticism that she should have acted sooner to fire Woodford, said: ‘The valuation at December 31, 2020 is clearly disappointing.’
Attempting to boost investors’ spirits, she added: ‘We believe that the company is in a much better position now than it was a year ago.’
Schroders had been trying to pay down the trust’s debt pile. Loans can increase investors’ returns when performance is good, but they heighten any losses.
Although it has succeeded in reducing the debt, the trust has still been battered by the poor performance of the stocks Woodford left it with.
FTSE resumes flight path as US-Europe travel hopes rise citywire.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from citywire.co.uk Daily Mail and Mail on Sunday newspapers.